The purchasing of a first home is a milestone in the life of every person who has accomplished it. The excitement, apprehension, reward and sense of achievement associated with the purchasing of a first home cannot be overstated. It was very likely the biggest personal and financial decision you had made up to that point, and it has served you well ever since. But, more than likely, it was never your dream home and in the intervening years you have found yourself wondering if it might actually be time to move on.
Determining if a move to another house is the right choice for you isn’t easy, but it is far from impossible and we here at Bellagio Homes would like to help.
Here are 5 signs to look out for that will help answer the question: Am I outgrowing my home?
RUNNING OUT OF SPACE
A home that can comfortably accommodate a single occupant or couple might not fare as well once the family starts growing and space management becomes an issue. If your home is beginning to feel cramped and crowded, or you’re contemplating employing a storage unit to help manage the overspill, then it is probably time that you upgraded to something bigger.
A SURPLUS OF SPACE
The opposite can also be true, with the act of children growing up and moving out suddenly revealing how much of your home is no longer being utilised. Buying a more modest home in a dream location can be a great alternative to the burden of maintaining a property that is bigger than your current living situation requires.
THE BUILDING OF WEALTH
Many people who outgrow their first homes retain the property as a rental accommodation, handily providing an additional revenue stream to their pre-existing income. This can also help minimise the emotional strain associated with relinquishing ownership of a property that has such a high sentimental value attached to it.
LOCATIONS, THEN AND NOW
While your home may have been ideally located for a young person or couple, it may no longer be ideal now that you are a little older or potentially have some children on the way. The addition of children not only changes the family dynamic within the household, but the criteria for what constitutes a great neighbourhood changes as well. So it might be a perfect time to sell up and move to a top tier school district with high graduation rates, excellent teacher-to-student ratios and attractive extracurricular programs.
HOME OFFICE
Increases in workplace flexibility have afforded many people the opportunity to accomplish some, if not all, of their work from home. If this is the case for you, and your home does not have the ability to accommodate a home office, then it could be the ideal time to relocate to a new house with a dedicated space for your professional endeavours. A dedicated home office is invaluable in assisting with a healthy home-life balance and has also been proven to increase efficiency and productivity as well.
Speak to Troy & Reg today. Send us an email on admin@bellagio.net.au